Like most organizations, banks and credit unions have a long-term strategy to achieve true omnichannel customer communications. However, a white paper published by Hobson & Company and sponsored by Doxim, indicates that short to medium term requirements are more focused on cost and time efficiencies.
The results clearly indicate that what banks and credit unions need now is an all-inclusive CCM Platform that reduces communication costs, while also improving customer engagement.
Hobson & Company reached out to a selection of Doxim clients to understand the major challenges that are top of mind for CCM professionals in the financial sector going into 2021.
Get the white paper: The Business Case for a comprehensive Customer Communications Management Platform. DOWNLOAD THE WHITE PAPER
Major challenges for CCM professionals
It is no surprise that after a highly disruptive year (2020), most organizations need to focus on technology and processes that reduce costs across the board.
Challenge 1: High cost of sending and storing customer documents
The costs of printing and mailing physical documents to customers are significant and regulated industries have additional costs, such as storing hard copy documents, as required by retention regulations.
There is also the potential for fines or penalties if documents are not completed correctly, properly date stamped nor delivered within the mandated period.
Added to this are the costs of inserting personalized messages which, when it comes to physical documents, can include paper, printing, folding, insertion and increased postage costs.
Challenge 2: Inefficient processes result in extra time spent on customer queries
Some clients reported spending upwards of 20-40 hours on finding or reprinting hard copy documents to resolve customer queries. Clients also reported taking up to 5-10 minutes on a customer query, when the resolution required finding a stored document. This time is extended if the document is not filed correctly.
For clients that receive hundreds, if not thousands, of customer queries a month, this is a significant cost.
Challenge 3: Customer attrition due to poor customer engagement and customer experience
Customer expectations have changed and so, it is no longer good enough to only focus on delivering documents and messages in a prompt and consistent way, despite this being the foundation of a good CX.
In today’s data-driven world, customers expect more personalization, a greater breadth of services and offers that are relevant to their needs. In the absence of these critical aspects of CX, customers are more likely to look elsewhere for the same service.
An all-inclusive CCM platform resolves all of these challenges
Most of the challenges organizations need to address today are related to either legacy technology, outdated processes, or a lack of historical focus on digitizing and improving adoption of digital channels.
o overcome these challenges, banks and credit unions need technology, along with strategic input into how to leverage it. An all-inclusive CCM platform reduces both costs and addresses both efficiency and retention requirements.
The high cost of managing hard-copy customer documents can be significantly reduced by introducing a digital option for the sending and storing of customer documents
Digital documents are easier to store and locate for both customers and service representatives. Having online access to customer documentation gives service representatives the ability to resolve customer queries quickly and efficiently. It removes the unnecessary time it takes to find, reproduce, and share hard copies, as all documents are accessible through a centralized, online repository.
Offering a digital option gives customers the ability to view their documents online in their own time. It also reduces the likelihood of them misplacing the original document, and when required, it can easily be resent from the CCM platform.
Digital documents enable the placement of targeted upsell offers, with little to no cost impact. It’s is also possible to leverage the data on hand to generate highly personalized offers that are relevant to each customer’s needs and lifecycle stage.
Partner with the right CCM vendor to ensure success
Banks and credit unions need to continuously improve the quality and speed in which they create, manage, and deliver all types of customer communications, including documents. This means it’s vital to select an all-inclusive CCM platform that can create, send, and store documents as well as provide consistency across all customer service channels.
At Doxim, we believe that an all-inclusive CCM platform is the foundation on which to build exceptional customer experiences. This is critical for organizations wanting to reduce costs today and achieve a true omnichannel customer experience in the future.
